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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 14
Accrued vacation pay
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $42,000.
a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b. How is the vacation pay reported on the company's balance sheet When is this amount removed from the company's balance sheet
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $42,000.
a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b. How is the vacation pay reported on the company's balance sheet When is this amount removed from the company's balance sheet
Explanation
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Liabilities: These are referred as compa...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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